The Association of Bureaux De Change Operators of Nigeria (ABCON) has called on the federal government to ban the operations of Binance, an online cryptocurrency exchange, in the country. ABCON’s president, Aminu Gwadabe, emphasized that Binance’s trading activities are putting pressure on the naira and impacting both the investors’ and exporters’ window, as well as the parallel market.
Gwadabe highlighted that Binance is currently one of the most liquid markets, with a high trading volume of 1.2 million transactions per second. He suggested that banning Binance’s operations could be a way to address the competition it poses, and that local content and peculiarities could contribute to breaking its dominance.
The Securities and Exchange Commission (SEC) of Nigeria had previously stated that Binance Nigeria was not registered or regulated by SEC, making its operations illegal in the country.
Gwadabe expressed concerns about the current state of Nigeria’s foreign exchange market, noting a shift from optimism to pessimism. He explained that when pessimism takes over, it can lead to a loss of confidence in the market, which impacts both investors and the overall economy.
